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Managing payroll worldwide is a difficult task … Papaya Global Wa Salary…

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Over the last five or six years …Papaya Global Wa Salary… functions on the supplier side and also on the vendor side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely uninspiring and I want I was somewhere else at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate

checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we’ll also review a recap which ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them becomes more and more complex Global companies are wanting to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment standpoint many companies keep separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate checking account often in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of

Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for companies running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and discover how improving global payroll payments can change them from a challenging job into a strategic property.

due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of staff members and organizations contributes to the complexity, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million companies worldwide.

Conventional payroll systems often result in manual procedures, data silos, and an absence of integration, leading to disparities and inefficiencies. Despite living in an age of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and solutions to simplify and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the data is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and state what is it what doesn’t need to be consisted of best and what does

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it need to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look best ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to kind of move on with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I’m constantly surprised when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being increasingly more crucial to contribute to type of the level of complexity there’s increasingly more advantages being organ or being used by services throughout the world so again you’re simply seeking to add increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s in fact managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any business has from an expense point of view from an impact viewpoint on staff members it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on people’s wellness and numerous other elements if people aren’t paid uh I have actually always been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the

payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done properly so leveraging the very first Global Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll solution for your employees globally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re implied to be um I do not think any of us are in fact doing that for for the thanks

anyway we know how how important a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and sort of try to return to everybody so moving on look why do companies choose to main different bank accounts there are Papaya Global Wa Salary businesses out there doing exactly this for specific nations and I have actually operated in a service or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the requirement I think individuals have actually got so utilized to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that needs taking a look at it requires altering but ultimately people are extremely stuck to what they recognize

with ideal um modification is a challenging thing all of us do not like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having maintaining multiple checking account however there’s a big quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for private people so the intricacy is big however I think the sincere response is change um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this approach does position a number of difficulties um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Wa Salary

I discover time and time again the employees typically misclassified unknowingly they do not understand the conditions of employment or contract and are informed by the client why it’s optimum generally to the customer why you should be used or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t added to pensions And so on so it’s a big impact that they never ever understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance coverage against misclassification however usually premiums are only covering the cost of legal charges whilst the typical claim examined versus companies relates to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest most of the times I have not seen it at least so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK